First Real Time International Money Transfer from Bangladesh

First Real Time International Money Transfer from Bangladesh

Innovation Name: International Insta Remit
Category: Innovation in Banks
Company: Social Islami Bank Ltd.

The content of this case study was written by the representatives of Western Union Bangladesh.


  • Bangladesh intra payment system has grown drastically when transfers are made between Banks, Wallets and Cards real time 
  • International Remittances to Bangladesh has also evolved with NPSB, BEFTN etc.
  • But International Remit from Bangladesh to world is still not developed and Correspondence Banking and Demand Drafts are been used
  • Resulted in customer inconvenience, due to high cost, transfer time, uncertainty of fund transfer 
  • Which piqued customers to look for alternative options like Hundi
  • Formal Outbound Market (C2C/C2B): $200 MN, Informal Market: $800 Million



Address the key customer pain points for International Remit from Bangladesh

  • Real Time transfer (Money in Minutes).
  • Funds out option – Cash, Bank Account, Mobile Wallet, Cards
  • Lower Charges and Transparency
  • No corresponding Banking charges
  • Settlement in Multiple Currency
  • Easy Cancellation



The Idea

Leverage the capacity of a Global Fintech & Money Transfer Company, with a state of art product development to meet customer & regulatory expectation and mitigate the current customer pain points.


  • Identification of the scope under FED GEFT Guideline of Bangladesh Bank for Realtime C2C / C2B Transfer.

          Student Payment         – Insta Edu Remit

          Medical Payment         – Insta Medi Remit

          Expatriate Payment     – Insta Family Remit

  • Regulation change of the Central Bank with special approval to SIBL to execute the service through Western Union.
  • Develop a Gateway & Host to Host solution by connecting 200+API of Western Union with SIBL core banking system.